03:43 PM EDT, 07/09/2024 (MT Newswires) -- Financial stocks were advancing in late Tuesday afternoon trading, with the NYSE Financial Index adding 0.4% and the Financial Select Sector SPDR Fund (XLF) rising 0.8%.

The Philadelphia Housing Index was up 0.1%, and the Real Estate Select Sector SPDR Fund (XLRE) was fractionally higher.

Bitcoin (BTC-USD) was increasing 1.8% to $57,734, and the yield for 10-year US Treasuries was rising 3 basis points to 4.30%.

In economic news, the NFIB Small Business Optimism Index reached its highest level of the year during June at 91.5, a one-point gain over the previous month.

In regulatory news, the Federal Reserve may tweak the way it calculates an extra layer of capital it levies on US global systemically important banks, known as the GSIB surcharge, Reuters reported.

In corporate news, Bank of America ( BAC ) shares rose 2.3% as Piper Sandler upgraded the stock to neutral from underweight and increased its price target to $42 from $37.

Principal Financial ( PFG ) shares added 2.9% after Raymond James upgraded the stock to strong buy from market perform with a price target of $99.

Fifth Third Bancorp ( FITB ) said Tuesday it agreed to pay $20 million in fines to the Consumer Financial Protection Bureau to settle litigation related to its sales practices and an investigation into its auto finance servicing activities. Fifth Third shares were fractionally lower.

KKR (KKR) intends to reduce its ownership in Kokusai Electric by selling about half of its 43% stake to investors, Reuters reported Tuesday. KKR shares were adding 0.8%.